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January 1991 balance of payments



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TREASURER

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PRESS RELEASE v = = y

NO. 16

EMBARGO

STATEMENT BY THE TREASURER, THE HON P.J. KEATING MP

JANUARY 1991 BALANCE OF PAYMENTS

In January the balance of payments battled an unfavourable movement in the terms of trade to record a 10 per cent improvement in the current account deficit over the month of December in seasonally adjusted terms.

The seasonally adjusted January balance of payments figure is $1582 million, recording an improvement of $175 million.

Exports rose by 1.3 per cent in seasonally adjusted terms. Imports fell by $83 million or 2 per cent in seasonally adjusted terms.

Endogenous imports rose 11.9 per cent in seasonally adjusted terms. On a trading day basis endogenous imports were running at $179.7 million per day in January, much the same as in the previous three months. Endogenous imports fell by 2.5 per cent seasonally adjusted in the three months to January 1991.

For the seven months to end January 1991 compared with the seven months to end January 1990, the deficit on current account was down $3299 million or 23 per cent lower.

For the same period, exports rose $2241 million or 8 per cent. Imports fell $1496 million or 5 per cent. Endogenous imports fell $1964 million or 7 per cent.

Manufactured exports continued their growth and were up 16 per cent for the same period.

The balance on goods and services, seasonally adjusted improved by 62.5 per cent in the month of January over December. The balance of merchandise trade improved by $137 million from a deficit of $33 million in December to a

surplus of $104 million in January (also seasonally adjusted).

The January balance of payments figure again indicates that the current account deficit is on track for the Budget forecast of $18 billion.

CANBERRA 6 March 1991

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